Btb Real Estate Investment Trust · TSX:BTB.UN
Btb Real Estate Investment Trust — Q4 2025 Earnings Presentation
20 slides from Btb Real Estate Investment Trust's earnings presentation, Feb 25, 2026
Slide 1: Positioned for Strategic Growth
Positioned for Strategic Growth Quarter & Year Ended December 31st, 2025 February 25th, 2026 TSX: BTB.UN
Slide 2: Yearly Overview
Yearly Overview Presented by Michel Léonard President & Chief Executive Officer
Slide 3: At a Glance
At a Glance 3 6.0M sq. ft. | 72 Properties | $1.2B Total asset value Investment Activity Densification Focus our investment activity on industrial assets with strong Actively involved in zoning change to create density on one site by adding fundamentals; a good pipeline of value creation opportuniti
Slide 4: Dispositions
Dispositions 4 On June 16, 2025, BTB On July 11, 2025, BTB disposed of an industrial disposed of an office property located at property located at 3911 Millar Avenue in 1170 Lebourgneuf Blvd. Saskatoon, Saskatchewan, in Quebec City, QC, for for total proceeds of total proceeds of $10.5M, $6.1M, excl
Slide 5: Real Estate Portfolio
Real Estate Portfolio 5 Suburban office 20% 51% Quebec City 2% 9 properties 1.2M sq.ft. Trois-Rivières Industrial 41% (-10%) 7% 2 properties 0.1M sq.ft. Suburban office Necessity-based retail Suburban office Necessity-based Edmonton retail 36% (+14%) 10 properties 3% 0.4M sq.ft. 27% Indust
Slide 6: Highlights & Key Metrics
Highlights & Key Metrics 6 6.0M sq. ft. Leasable area -1.6% vs 2024 YTD $1,218M Fair value of investment properties -1.2% vs 2024 YTD 6.1M sq. ft. (Q4 2024) $1,233M (Q4 2024) 742,162 sq. ft. Renewals and new leases -22.6% vs. 2024 YTD 91.3% Occupancy rate -140 bps vs 2024 YTD 959,223 sq. ft. (Q4 202
Slide 7: Leasing Activity
Leasing Activity Presented by Stéphanie Léonard Senior Director of Leasing
Slide 8: Leasing & Renewal Activity
Leasing & Renewal Activity 8 A total of 150,398 sq. ft. were renewed or leased during the quarter, bringing our YTD leasing activities to a total volume of 742,162 sq. ft. New lease activity totalled 268,325 sq. ft. for the year: 742,162 sq. ft. YTD Leasing Activities • 116,235 sq. ft. or 43% were c
Slide 9: Track Record of Leasing Performance
Track Record of Leasing Performance 9 92.7 18.7 94.2 93.2 14.3 92.5 12.2 10.6 91.5 91.3 91.2 8.0 9.2 8.3 6.7 Q4 2022 2022 Q4 2023 2023 Q4 2024 2024 Q4 2025 2025 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 2025 YTD YTD YTD YTD Total Portfolio Committed Occupancy (%) Increase in Average Lease Renewal Rates
Slide 10: Positive Leasing Dynamics – New Leases
Positive Leasing Dynamics – New Leases 10 New leases concluded during Q4 2025 825 Lebourgneuf “Complexe Lebourgneuf Phase I", 315-325 MacDonald, Quebec, QC Saint-Jean-sur-Richelieu, QC Garderie Aroma La Reine des Glaces Essential Oils Expansion 815 Lebourgneuf “Complexe 204 de Montarville, Lebourgne
Slide 11: Positive Leasing Dynamics – Renewals
Positive Leasing Dynamics – Renewals 11 Renewals concluded during Q4 2025 1011-1191 St-Bruno, 6700 Pierre-Bertrand, “Méga Centre St-Bruno” “Place d’affaires Lebourgneuf - Saint-Bruno-de-Montarvile, QC Phase II” Québec, QC Expansion 1200-1252 de la Concorde, 315-325 MacDonald, “Carrefour Saint-Romual
Slide 12: Financial Overview
Financial Overview Presented by Marc-André Lefebvre Vice President & Chief Financial Officer
Slide 13: Financial Highlights
Financial Highlights 13 Results $130.1M Rental Revenue +0.1% vs. 2024 -1.0% vs. Q4 2024 40.6¢/u FFO Adjusted(1) -1.6¢ vs. 2024 Financial Position $32.3M (Q4 2025) 9.7¢/u (Q4 2025) -1.2¢ vs. Q4 2024 $30.4M Available Liquidity $75.1M Q4 2025 Net Operating Income (NOI) Stable vs. 2024 38.8¢/u AFFO Adju
Slide 14: Rental Revenue & NOI
Rental Revenue & NOI 14 130.0 130.1 77.0 78.5 75.1 75.1 0.086 19.7 18.7 32.7 32.3 19.1 18.2 Q4 2024 Q4 2025 2024 2025 Q4 2024 Q4 2025 2024 2025 Rental Revenue ($M) Net Operating Income ($M) +0.1% vs 2024 Stable vs. 2024 -1.0% vs Q4 2024 -4.4% vs. Q4 2024 Cash Net Operating Income (Cash NOI) ($M) (1)
Slide 15: FFO Adjusted & AFFO Adjusted Payout Ratio
15 FFO Adjusted & AFFO Adjusted Payout Ratio(1) 78.7 42.2 40.6 77.3 10.9 9.7 Q4 2024 Q4 2025 2024 2025 2024 2025 FFO adjusted (1) per unit (¢) AFFO adjusted (1) Payout Ratio (%) -1.6 ¢ vs. 2024 -1.4% vs. 2024 -1.2 ¢ vs. Q4 2024 (1) This is a non-IFRS financial measure. Refer to the Non-IFRS financia
Slide 16: Capital Structure
Capital Structure 16 Mortgages Outstanding $643.9M | 4.36% weighted average interest rate (stable compared to 3.7% 3.2% December 31, 2025) | 2.33 years weighted average term of mortgages Convertible Credit facilities debentures (3) ($34.5M) Convertible Debentures (6) ($40.3M) Series I | $40.25M | 7.
Slide 17: Debt Maturities
Debt Maturities 17 In millions of dollars 202 141 40 Mortgage payable 90 108 43 60 Convertible debentures 30.4 A V A ILA BLE 2 02 6 2 02 7 2 02 8 2 02 9 2 030 2 031 + LIQU ID ITY 29 % (1) 21 % (1) 13 % (1) 16 % (1) 12 % (1) 9 % (1) Available Liquidity Debenture – Series I $5.4M in cash plus $25.0M $
Slide 18: Closing Remarks
Closing Remarks Presented by Michel Léonard President & Chief Executive Officer
Slide 19: Forward-Looking Statements
Forward-Looking Statements 19 From time to time, we make written or oral forward-looking statements within the meaning of applicable Canadian securities legislation. We may make forward-looking statements in this document, in other filings with Canadian regulators, in reports to unitholders, and in
Slide 20: Non-IFRS Measures
Non-IFRS Measures 20 The following terms and measures used in this presentation, including but not limited to, Funds from Operations (FFO); FFO / Unit, FFO Adjusted, FFO Adjusted / Unit, Adjusted Funds from Operations (AFFO); AFFO Adjusted, AFFO Adjusted / Unit, AFFO Adjusted payout Ratio, Same Prop
BTB Real Estate Investment Trust — Q4 2025 Earnings Presentation on 6ix